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Financial cycles and corporate financialization levels—Evidence from the cultural industry enterprises

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  • Guan, Yu
  • Wei, Qing

Abstract

This investigation explores the nexus between financial cycles and the corporate financialization levels, utilizing data on a quarterly basis from listed companies in the cultural industry, spanning 2012 to 2023. The empirical evidence indicates a robust positive correlation between financial cycles and the level of corporate financialization, with corporate profitability acting as a facilitative moderator in this association. Further analysis uncovers the heterogeneity in the impact of financial cycles on corporate financialization levels. Specifically, the influence of financial cycles is more pronounced for small-sized companies and those with low levels of debt.

Suggested Citation

  • Guan, Yu & Wei, Qing, 2024. "Financial cycles and corporate financialization levels—Evidence from the cultural industry enterprises," Finance Research Letters, Elsevier, vol. 67(PB).
    • Handle: RePEc:eee:finlet:v:67:y:2024:i:pb:s1544612324008237
    DOI: 10.1016/j.frl.2024.105793
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